Understanding Your Loan Options to Find the Perfect Fit
At the Membrillo Mortgage Team, powered by CMG Home Loans, we offer a wide portfolio of loan programs to meet your needs and situation.
Whether that’s buying a house or refinancing, we work closely with you to choose the best product and help you make a confident and informed decision. Here’s a breakdown of some of our available options:
Conventional mortgage
This type of mortgage offers choices of paying over 30, 25, 15, or 10 years. Payments are typically made monthly and remain the same during the life of the loan. Prospective homebuyers can qualify with as little as 3 percent down.
Refinance loans
This loan is for those who are looking to lower their monthly payment, or pay less interest over time. You may be able to qualify for a lower rate, or a shorter or longer loan term, depending on your situation.
Refinancing could help with consolidating debt or paying for repairs or renovations to a home. It is possible to refinance up to 95 percent of your primary home’s value. If refinancing, two monthly payments are permitted to be skipped.
Loans requiring specific eligibility
A few loans we offer are based on status such as current residents of Tennessee or veterans. A THDA Great Choice loan is a program through the Tennessee Housing Development Agency and serves first-time homebuyers, offering a fixed-rate loan with little to no money down.
Another type of specific loan is a VA, which provides a zero-down, zero-mortgage insurance loan to eligible veterans, both active and discharged.
A USDA loan is designed for qualified moderate- to low-income households to purchase safe and sanitary housing in a rural location. To qualify, you must meet regional income requirements and have a minimum credit score of 640.
A reverse mortgage is another opportunity for homeowners 62 or older who have acquired equity and want to use this as supplemental retirement income, pay for healthcare expenses, or other debts.
One last type of distinct loan we offer is a physician loan. Student loans can drown newly practicing doctors. For those who are in deferment, this loan has a minimum down payment that doesn’t count your student debt toward the loan, leaving you with more purchase power.
FHA loans
An FHA loan gives you a government-insured loan (from the U.S. Federal Housing Administration) with flexible choices. An FHA loan is an alternative to the 3% conventional mortgage, with a 3.5% down payment and more flexible options for borrowers who have less than perfect credit scores.
Jumbo loan
A jumbo loan is a type of financing that typically finances luxury properties, and it varies by state. For any purchase with a loan amount greater than $494,500, we offer jumbo products with as little as 10% down, and no mortgage insurance, up to $1.5 million. Jumbo loans through Peoples Home Equity and the Membrillo Mortgage Team are available in fixed rates over 30, 25, 20, 15 or 10 years or can be competitive adjustable-rate mortgage products.
About the Membrillo Mortgage Team
The Membrillo Mortgage Team, based in Brentwood, TN, is powered by Peoples Home Equity and is dedicated to the simple goal of helping Americans achieve the dream of responsible home ownership. Peoples Home Equity, which was formed in 2001, is a fully functional Conventional and Government HUD-approved lender that closes more than $3 billion in mortgage loans annually. www.membrillomortgageteam.com